Behavioral

Allais Paradox

The Kahoot replicates the Allais Paradox. Maurice Allais received the Nobel Prize in Economics for demonstrating that income was a key determinant of risk preference. Before Allais economists assumed that people were either risk averse, risk neutral of risk takers and that their preferences did not change. It is our experience that 20-30 percent of your students will choose gambles 1 and B (just like Allais’ subject did over 30 years ago).

Course Used: Principles of Micro
Quiz Nature: Discussion Starter
Question Length: 1
Estimated Time to Play: 5 minutes.

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Behavioral

Monty Hall Problem

Misperceptions of probabilities is one the human limitations that behavioral economists examine. One of the most famous examples is the Monty Hall problem, named after Monty Hall the original host of Let’s Make a Deal.  On the show Monty Hall would show the final contestant three doors and ask them to choose one. Then he would reveal a “goat” behind one of the doors the contestant did not choose. At that point, he’d then ask the contestant if they would like to switch doors. The contestant should since this gives them a 2/3rd chance of winning the grand prize but most don’t switch because they don’t want to regret the switch if it turns out that their first choice of doors is the winner. Regret is an important behavioral concept that causes people to make choices that fail to maximize the expected value of probability distributions. There is also a wonderful scene in 21 that explains the problem superbly:

Course Used: Principles of Micro
Quiz Nature: Discussion Starter
Question Length: 2
Estimated Time to Play: 5-8 with explanation of the mathematics.

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Macro, Micro

Shifts vs Movement of Demand

Understanding the difference between a change in demand and a change in the quantity demanded is crucial to success in any principles course. This question will stump many of your students but not all. Pro tip: once the correct answer is revealed, ask one of your students to explain the answer!

Course Used: Principles of Micro
Quiz Nature: Discussion Starter
Question Length: 1
Estimated Time to Play: 15-20 minutes.

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Macro, Micro

Exam 1 Review — Introductory Material

This review from the University of San Diego covers foundations, comparative advantage, the PPF, and supply and demand.

Course Used: Principles of Micro
Quiz Nature: Exam Review
Question Length: 8
Estimated Time to Play: 12-15 minutes.

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Micro

Elastic Demand

The question is designed to test your students intuition for which goods have elastic or inelastic demand. By utilizing the three primary determinants of demand (number of substitutes, the share of the budget spent on the good, and the time frame for making a decision) you can explain why three answers are wrong and one is correct.

Course Used: Principles of Micro
Quiz Nature: Discussion starter
Question Length: 1
Estimated Time to Play: Anywhere from 2 to 5 minutes depending on how much follow-up is needed.

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Behavioral

Gift Giving

This poll question is a great way to begin a discussion on the deadweight loss of gift giving (Waldfogel, 1993). After surveying your class with this Kahoot play a short video from Adam Ruins Everything:

Ask your students if they think gift giving really creates deadweight loss or did Waldfogel’s analysis miss any crucial valuations.

Course Used: Principles of Micro
Quiz Nature: Discussion starter
Question Length: 1
Estimated Time to Play: Anywhere from 2 to 10 minutes depending on how much follow-up is needed.

To request this Kahoot, please Contact Us.